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Form 8038-CP

What is IRS Form 8038-CP?

Form 8038-CP is used by issuers of qualified tax-exempt bonds to apply for a tax credit from the federal government equal to a percentage of the interest payments for issuing the tax-exempt bonds.

What are the types of bonds applicable in Form 8038-CP?

The bonds that can be claimed for tax credit on IRS Form 8038-CP are

  • Build America bonds (BAB)
  • New clean renewable energy bonds (NCREB)
  • Qualified energy conservation bonds (QECB)
  • Qualified zone academy bonds (QZAB)
  • Qualified school construction bonds (QSCB)
  • Recovery zone economic development bonds (RZEDB)

Additional requirements while filing Form 8038-CP?

When filing Form 8038-CP, Schedule A must be attached under section 6431 if the specified tax credits bonds are New clean renewable energy bonds (NCREB), Qualified energy conservation bonds (QECB), Qualified zone academy bonds (QZAB) and/or Qualified school construction bonds.

Visit https://www.expresstaxexempt.com/form-8038-cp/form-8038-cp-filing-instructions/ to know more.

When is the due date to file Form 8038-CP?

  • For fixed rate bonds, At least 45 days before the interest payment date, a Form 8038-CP must be submitted. The applicable interest payment date must be provided with Form 8038-CP, albeit, at least 90 days beforehand.
  • For variable rate bonds, If the issuer is aware of the interest payment amount 45 days prior to the interest payment date, a Form 8038-CP may be submitted within the same time frames as fixed rate bonds (45 days before the relevant interest payment date but no earlier than 90 days before the relevant interest payment date). On a different Form 8038-CP, however, variable rate bonds must be presented.

How to file Form 8038-CP?

To e-file Form 8038-CP, get started with ExpressTaxExempt and follow the steps below:

  • Step 1: Enter basic business information
  • Step 2: Enter required form data
  • Step 3: Attach 8038-CP Schedule A
  • Step 4: Review your Form 8038-CP and make corrections, if any
  • Step 5: Transmit your Form 8038-CP with the IRS.

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Other Resources

Form 8038-CP Filing Instruction

Form 8038-CP Filing Instruction

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Form 8038-CP Mailing Address

Form 8038-CP Mailing Address

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